Ultimovacs (Buy, TP: NOK54.00) - Attractive cancer vaccine candidate
Ultimovacs is developing a cancer vaccine targeting hTERT; the aim is to use it as an add-on therapy to checkpoint inhibitors (CPIs). The company is planning to start its phase II trial with the drug, UV1, in combination with ipilimumab and nivolumab in patients with malignant melanoma; data should be available in 2022 according to management. Ultimovacs owns the UV1 vaccine outright, but we believe the natural route to market will be via a partnership agreement (we estimate 2023). We initiate coverage with a BUY and NOK54 target price.Ultimovacs ASA Formerly known as Ultimovacs AS. Ultimovacs ASA, formerly Ultimovacs AS, is a Norway-based pharmaceutical company developing immunotherapies against cancer. The Company's lead product candidate is UV1, a peptide-based vaccine inducing a specific T cell response against the universal cancer antigen telomerase. UV1 is being developed as a therapeutic cancer vaccine which may serve as a platform for use in combination with other immuno-oncology drugs which require an ongoing T cell response for their mode of action. The Company is performing a broad clinical development program with clinical trials in Europe and the USA.
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